Japan's economic growth less than expected

Sept. 10, 2012 at 1:31 AM
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TOKYO, Sept. 10 (UPI) -- Japan's economy in the latest quarter grew 0.2 percent from the previous quarter, or slower than the 0.3 percent estimated earlier, the government said Monday.

The revised figure for the April-June period, blamed on slow capital spending by companies, reflected an annual growth rate of 0.7 percent, and not 1.4 percent as estimated earlier, Kyodo News reported.

The new figure, which also reflected a fall in inventories, nonetheless was the fourth straight quarter of expansion. However, it was much smaller than the 1.3 percent growth in the January-March quarter.

Japan's export-dependent economy, the world's third-largest after the United States and China, has been hurt by the eurozone crisis and the global slowdown as well as a higher yen, which makes its goods more expensive overseas.

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